BBVAT Webinar Wednesday March 6th 2024 at 10am

With seven weeks to go before new partial exemption rules for NHS bodies go live, are you ready?

In October HMRC issued its NHS Statement of Practice (SoP) document regarding Partial Exemption, setting out that HMRC will no longer accept certain practices from 1st April 2024 (our detailed analysis of the SoP can be found here).

What does this mean for my Trust?

 

In summary NHS Bodies will need to apply a partial recovery each month in addition to the partial restriction already undertaken.  Compliance with the rules is mandatory.  For most NHS bodies this means putting additional procedures in place – complying will in turn create additional burdens on already stretched finance teams.   In many cases, Trusts simply do not have the expertise in house to comply with the rules and have limited time to upskill their team to be compliant before 1st April 2024.

Main considerations

 

  1. Do you have a copy of your Partial Exemption Special Method approval letter from HMRC?
  2. Have you been applying a monthly restriction for COS VAT recovery and a monthly provisional claim for trading input VAT?
  3. Are you up to date in completing historic LPA’s and was the most recent year’s LPA included on the correct VAT return?

If you have answered no to any of the above questions, then your organisation may not be compliant with HMRC and with less than seven weeks to go, time is running out to get compliant, meaning there is an increased risk of HMRC issuing penalties.

BBVAT Webinar

Wednesday March 6th 2024 at 10am

To support our clients and contacts through what could be a challenging period, BBVAT are hosting a webinar to discuss the upcoming changes, and what all NHS bodies will need to do to comply.

Our NHS VAT experts will:

  • Comment on the technical background to the SoP and what HMRC aim to achieve with their clarification;
  • Highlight what you will need to do in order to comply with the rules;
  • Assist you to understand whether your existing processes are fit for purpose, or need to be changed;
  • Set out practical issues we envisage, and how these may be overcome;
  • Answer your questions, both sent to us before the event, and those submitted live.

To RSVP to our online event, please fill in the form below, call 01732 868266 or email us at info@bbvat.co.uk

If you have any immediate concerns or questions, please do not hesitate to reach out to us. We are here to support you and provide clarity on any aspect of the recent NHS SoP from HMRC.

We look forward to providing you with valuable insights and guidance on this matter.

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    BGL CommunicationsBBVAT Webinar Wednesday March 6th 2024